Asian financial centers want in on London's forex trading throne

BIS also reported that even though the U.K. continues to remain the largest foreign exchange trading hub in the world, its dominance has been eroded by Asian financial centers. When combined, Tokyo, Hong Kong and Singapore accounted for 21 percent of intermediation, up from 15 percent three years ago. Achkar also acknowledged that competition among the Asian cities was stiff. Tokyo is already recognized as an established hub for trading currencies. However, he said that the active adoption of new technologies, including fintech, and favorable regulatory frameworks have made Singapore and Hong Kong serious competitors. According to BIS data on foreign exchange volumes, Singapore pipped Japan to the title of Asia's largest foreign exchange center for the first time in 2013, placing it only behind the U.K. and the U.S. Hong Kong overtook Japan as the fourth-largest forex cent...